Which of the following is the most fundamental assumption about a firm's production output in a competitive industry?

Group of answer choices

The total market is divided into regions and a firm's production can only change market price in its region

No firm is large enough for its production decision to change the market price for the product

Each firm has a private supply curve which combines with the overall market demand to determine that firm's price

The firm will always select a level of production that minimizes average fixed costs (AFC)